25 October 2013

Economics & FI/FX Research

EEMEA Eco Daily

News
CZ: Positive – Business and consumer sentiment improves in October HU: Positive – Business and consumer sentiment improves in October Mixed – EcMin presents budget draft for 2014 (p2)

MARKETS OVERVIEW
FX (%) EURRUB 1M chg EURTRY EURZAR EURRON 1D chg

Today’s Events
SRB: Sep real wages / SI: October sentiment indicator / TR: Oct industrial confidence indicator, capacity utilization

EURPLN EURCZK EURHUF -3 -2 -1 0 1 2 3

EEMEA Markets
In the Czech Republic and Hungary, another improvement in business and consumer confidence signals that the economic recovery is well under way, but the impact on currencies will probably be limited. In the Czech Republic, post-electoral noise could temporarily prevent the CZK from appreciating. In Hungary, further monetary easing and the ongoing debate about converting FX mortgage loans to HUF might prevent the currency from appreciating below EUR-HUF 290. In the Czech Republic, business sentiment rose to 7.0 in October from 5.1 in September, climbing above the level registered in May 2012. Business sentiment bottomed out in March 2013, before better demand from Germany had an impact on industrial production and exports. Consumer confidence bottomed out in April 2012 and is now close to the level last seen in February 2011. Private consumption rose strongly in 1Q13 vs. 4Q12 before correcting slightly in 2Q13. Consumer lending for goods and services accelerated during the summer and low inflation is spurring real wage growth. The data bode well for our assumption of the ongoing sequential growth of GDP in 2H13. Actually, we now see a chance of private consumption starting to add to growth from 4Q13 onwards. The improvement in Hungarian sentiment indicators was similar, with business confidence at a 30-month high and consumer confidence at its highest since February 2011. Sentiment in industry again led the recovery, with output and orders indices rising. Companies in construction and services were more optimistic in October than in September, but don’t expect a fast recovery of their activity. For consumers, an improving financial position might reflect the effects of higher real wages and repayment relief for a higher number of mortgage borrowers. We expect private consumption to contribute 0.2pp to GDP growth in 2013 after subtracting 0.7pp last year. Yesterday’s business confidence data was in line with the rising manufacturing PMI in Germany and shows that industry continues to provide the momentum for the economic recovery in CEE. While consumption accelerates in the Czech Republic, Hungary and Poland, investments lag, weighing on domestic demand.
Pavel Sobisek, Chief Economist (UniCredit Bank Czechia) +420 955 960-716 pavel.sobisek@unicreditgroup.cz Dan Bucşa, Economist (UniCredit Bank London) +44 207 826-7954 dan.bucsa@unicredit.eu
CZK RUB ZAR PLN HUF RON TRY

5Y swap rates (bp)

1M chg 1D chg

-100

-80

-60

-40

-20

0

20

5Y CDS (bp) Czech R. Poland Russia Romania Turkey South Africa Hungary -25 -20 -15 -10 -5 0 5 10 15 1M chg 1D chg

Source: Bloomberg, UniCredit Research

Head of Economics & FI/FX Research Erik F. Nielsen (UniCredit Bank London) Global Chief Economist +44 207 826-1765 erik.nielsen@unicredit.eu EEMEA Macro and Strategy Gillian Edgeworth (UniCredit Bank London) Dan Bucşa (UniCredit Bank London) Carlos Ortiz (UniCredit Bank London) Dmitry Veselov (UniCredit Bank London) Internet www.research.unicreditgroup.eu

UniCredit Research

page 1

See last pages for disclaimer.

Thus.eu UniCredit Research page 2 See last pages for disclaimer.bucsa@unicredit. general elections will add pressure on public spending. The government expects real GDP to grow by 2. state budget plans have been too optimistic. we expect Hungary’s gross financing needs to remain above 20% of GDP in 2014. although the need to reduce the debt-toGDP ratio prevents the AKK from pre-financing more of next year’s needs. While the government promised not to present an "election budget". inflation to reach 2. we believe that the Hungarian yield curve will bear steepen again next year. the government’s emphasis on increasing the state’s presence in the service sector through acquisitions will prevent the reduction of public debt. . The current benign risk environment helps the government borrow. the emphasis on subsidies for households. With the service sector heavily taxed and bearing additional losses from loan conversions (for the banking sector) and price cuts (for energy and utility companies). In 2014. Moreover. Hence. but additional tax packages might be implemented if revenues fall again short of expectations.4% and the budget deficit to be 2. once the easing cycle is over and interest rates start normalizing on foreign markets. For the past two years.9% of GDP on an accrual basis (ESA95). utility price cuts and wage hikes tells a different story.25 October 2013 Economics & FI/FX Research EEMEA Eco Daily Hungary The debate on the 2014 budget law started yesterday with economy minister Mihály Varga presenting the draft budget to parliament. the scope for implementing further sectoral taxes is very limited. especially when estimating public revenues. We don’t see a threat to the deficit level in 2014. leading to numerous revisions and several rounds of additional tax packages per year. Economist (UniCredit Bank London) +44 207 826-7954 dan.0% in 2014. Dan Bucşa.

UniCredit Research UniCredit Research page 3 See last pages for disclaimer.a.a. n.a. n.a.37 4.4 -1. n.6 -0. n. n.5 75. n.1 5 -14.8 0 0.a.4 0.25 October 2013 Economics & FI/FX Research EEMEA Eco Daily Rolling Key Events & Data Release Calendar Date 21-Oct-13 21-Oct-13 21-Oct-13 21-Oct-13 21-Oct-13 21-Oct-13 21-Oct-13 22-Oct-13 22-Oct-13 22-Oct-13 22-Oct-13 23-Oct-13 23-Oct-13 23-Oct-13 23-Oct-13 23-Oct-13 23-Oct-13 24-Oct-13 24-Oct-13 24-Oct-13 24-Oct-13 24-Oct-13 25-Oct-13 25-Oct-13 25-Oct-13 25-Oct-13 25-Oct-13 25-Oct-13 25-Oct-13 Country EE EE LT SI SI LV LV PL PL PL HR TR RO TR BG RU RU CZ CZ CZ UA UA SI RS TR TR RS TR TR Event Estonia PPI YoY Estonia PPI MoM Lithuania Industrial Production Excl Construction 2010=100 YoY Slovenia PPI YoY Slovenia PPI MoM Latvia PPI YoY Latvia PPI MoM Poland Unemployment Rate Poland Retail Sales YoY Poland Retail Sales MoM Croatia Unemployment Rate Turkey Tourism Arriving Visitors Foreigners Yearly Change Romania Money Supply M2 YoY Turkey 1 Week Repo Announcement Bulgaria Gross External Debt Russia CPI WoW Daily Russia CPI Weekly Year-to-Date% Czech Republic Consumer Confidence Indicator Balance Czech Republic Composite Confidence Indicator Balance Czech Republic Business Confidence Indicator Balance Ukraine Money Supply M3 YoY Ukraine Money Supply M3 MoM SLOVENIA SENTIMENT INDICATOR SA Serbia Wages Gross Real Yearly Turkey Confidence Index Real Sector Turkey Capacity Utilization NSA Serbia Wages Gross Real Yearly Turkey Confidence Index Real Sector Turkey Capacity Utilization NSA Period Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug 17-Sep Jul 14-Oct 14-Oct Sep Sep Sep Aug Aug Sep Aug Sep Sep Aug Sep Sep Previous 3. n.2 0. n.7 -12 -1.a. n.a. n.a. n.1 18.a.a. n.a.a. n.7 0.a.a.a. n. n.6 4.2 1.a.a.2 13 3. n. n.a. n.5 -2.a.2 n.a. Source: Bloomberg. .2 0.6 108.2 5.4 10.5 75. n.a.a.7 18.a.4 Consensus n.4 -0. n. n.a. n.a. 13 4.5 37296. n. n.3 1.a.6 108.

including corporate finance. Slovakia k) UniCredit Tiriac Bank (UniCredit Tiriac). who are expected to make their own investment decisions without undue reliance on this publication. Šancova 1/A. 00184 Roma. ATF Bank and another. 33 Shar Planina str. UniCredit Bank London. This analysis is being distributed by electronic and ordinary mail to professional investors. 120 London Wall. Via Nazionale 91. also through advisory and research activities. Moreover. 25 The North Colonnade. ORGANIZATIONAL AND ADMINISTRATIVE ARRANGEMENTS TO AVOID AND PREVENT CONFLICTS OF INTEREST To prevent or remedy conflicts of interest. London EC2Y 5ET. as well as the research department. 813 25 Bratislava. UniCredit Bank London. Details about the extent of our regulation by the Bundesanstalt für Finanzdienstleistungsaufsicht are available from us on request. Zagrebačka banka. 80538 Munich. Responsibility for the content of this publication lies with: a) UniCredit Bank AG (UniCredit Bank). Bank Pekao. UniCredit Russia. UniCredit Bank Czechia. capital market activities. Trg bana Jelačića 10. Poland Regulatory authority: Polish Financial Supervision Authority. there is no proprietary trading. PL-00-950 Warsaw. UniCredit Slovakia. Conflicts of interest arising are managed by legal and physical and non-physical barriers (collectively referred to as “Chinese Walls”) designed to restrict the flow of information between one area/department of UniCredit Bank. Italy and Bundesanstalt für Finanzdienstleistungsaufsicht. Croatia g) UniCredit Bank Czech Republic (UniCredit Bank Czechia). This document is only for distribution to wholesale clients as defined in Section 761G of the Corporations Act. ADDITIONAL REQUIRED DISCLOSURES UNDER THE LAWS AND REGULATIONS OF JURISDICTIONS INDICATED Notice to Australian investors This publication is intended for wholesale clients in Australia subject to the following: UniCredit Bank AG and its branches do not hold an Australian Financial Services licence but are exempt from the requirement to hold a licence under the Act in respect of the financial services to wholesale clients. The company belongs to UniCredit Group. 60439 Frankfurt. All estimates and opinions included in the report represent the independent judgment of the analysts as of the date of the issue. RO-012101 Bucharest 1. Neither UniCredit Bank. Romania POTENTIAL CONFLICTS OF INTEREST UniCredit Bank AG acts as a Specialist or Primary Dealer in government bonds issued by the Italian. 25 Lipscani Street. or other activities other than the sale of securities to clients. or are based upon public information sources that we consider to be reliable but for the completeness and accuracy of which we assume no liability. or be relied on in connection with or act as an inducement to enter into. Italy. In particular. Julius-Tandler-Platz 3. Regulatory authority: “BaFin“ – Bundesanstalt für Finanzdienstleistungsaufsicht. Poland i) ZAO UniCredit Bank Russia (UniCredit Russia). This analysis is for information purposes only and (i) does not constitute or form part of any offer for sale or subscription of or solicitation of any offer to buy or subscribe for any financial. Investors must make their own determination of the appropriateness of an investment in any instruments referred to herein based on the merits and risks involved. The investment possibilities discussed in this report may not be suitable for certain investors depending on their specific investment objectives and time horizon or in the context of their overall financial situation. UniCredit Bank AG and its branches are not Authorised Deposit Taking Institutions under the Banking Act 1959 and are not authorised to conduct a banking business in Australia. UniCredit Research page 4 . Romania Regulatory authority: National Bank of Romania. UniCredit Bulbank.s. UniCredit Bank Milan. Russia j) UniCredit Bank Slovakia a. e) UniCredit Bulbank. Via Tommaso Grossi 10. UniCredit Tiriac. 9 Leninsky prospekt.25 October 2013 Economics & FI/FX Research EEMEA Eco Daily Disclaimer Our recommendations are based on information obtained from. their own investment strategy and their legal.. Germany. UniCredit Russia. We reserve the right to modify the views expressed herein at any time without notice. we reserve the right not to update this information or to discontinue it altogether without notice. Croatia Regulatory authority: Croatian Agency for Supervision of Financial Services. to contribute to the efficiency of the secondary market through market making activity and quoting requirements and to contribute to the management of public debt and to the debt issuance policy choices. UniCredit Bank Milan. UniCredit Tiriac. c) UniCredit Bank AG Milan Branch (UniCredit Bank Milan). (also responsible for the distribution pursuant to §34b WpHG). past performance is not necessarily indicative of future results. UniCredit Bulbank. Russia Regulatory authority: Federal Service on Financial Markets. Am Tucherpark 16. Moscow 119991. HR-10000 Zagreb. Investors are urged to contact their bank's investment advisor for individual explanations and advice. United Kingdom. Na Příkopě 28. Bank Pekao. UniCredit Bank Milan. ANALYST DECLARATION The author’s remuneration has not been. 115 03 Praha 1. b) UniCredit Bank AG London Branch (UniCredit Bank London). Regulatory authority: “BaFin“ – Bundesanstalt für Finanzdienstleistungsaufsicht. Portuguese and Greek Treasury. geared to the recommendations or views expressed in this study. Canary Wharf. Bulgaria f) Zagrebačka banka d. BG-1000 Sofia. fiscal and financial position. In particular. UniCredit Bank Czechia. As this document does not qualify as an investment recommendation or as a direct investment recommendation. This information is given without any warranty on an "as is" basis and should not be regarded as a substitute for obtaining individual advice. Lurgiallee 12. 60439 Frankfurt. Austria and subject to limited regulation by the “BaFin“ – Bundesanstalt für Finanzdienstleistungsaufsicht. Investors may get back less than they invested. London E14 5HS. United Kingdom. (ii) is neither intended as such an offer for sale or subscription of or solicitation of an offer to buy or subscribe for any financial. Grzybowska 53/57. Furthermore. United Kingdom and Prudential Regulation Authority 20 Moorgate. UniCredit Bank Czechia. and will not be. UniCredit Bank Vienna. 9. Germany. CZ-11121 Prague. Prechistenskaya emb. The investments discussed may fluctuate in price or value. including corporate finance activities. money market or investment instrument or any security. other than as a matter of client facilitation or delta hedging of OTC and listed derivative positions. ATF Bank nor any of their respective directors. 60439 Frankfurt. officers or employees nor any other person accepts any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection therewith. UniCredit Bank. SK-813 33 Bratislava. d) UniCredit Bank AG Vienna Branch (UniCredit Bank Vienna). 00-950 Warsaw. Germany. Na Príkope 858/20. RF-19034 Moscow. UniCredit Bank Vienna. London. are segregated by physical and non-physical boundaries from Markets Units.1303 Sofia. Moor House. Further details regarding our regulatory status are available on request. UniCredit Tiriac. neither this document nor any part of it shall form the basis of. Main tasks of the Specialist are to participate with continuity and efficiency to the governments' securities auctions. adherence to which is monitored by its compliance department. Otto-Wagner-Platz 5. Regulatory authority: “Bank of Italy”. 60439 Frankfurt. money market or investment instrument or security under discussion are not explained in their entirety. (UniCredit Slovakia). Zagrebačka banka. Bucharest. Lurgiallee 12. which differ from Australian laws.. Bucharest 1F Expozitiei Boulevard. Czech Republic Regulatory authority: CNB Czech National Bank. 10000 Zagreb. UniCredit Slovakia. Analysts are supervised and managed on a day-to-day basis by line managers who do not have responsibility for Investment Banking activities. 1090 Vienna. Germany and subject to limited regulation by the Financial Conduct Authority. Czech Republic h) Bank Pekao. the risks associated with an investment in the financial. Investment Banking units. 20121 Milan. and may not be redistributed. Imricha Karvaša 1. Zagrebačka banka. reproduced or published in whole or in part for any purpose.d. financial advisory and other capital raising activities. Lurgiallee 12. any contract or commitment whatsoever. Slovakia Regulatory authority: National Bank of Slovakia. Germany. Miramarska 24B. 7. UniCredit Bulbank. RO-030031. Bulgaria Regulatory authority: Financial Supervision Commission (FSC). Changes in rates of exchange may have an adverse effect on the value of investments. EC2R 6DA. Disclosure of publicly available conflicts of interest and other material interests is made in the research. In the case of equities execution by UniCredit Bank AG Milan Branch. UniCredit Russia. neither directly nor indirectly. money market or investment instrument or any security nor (iii) as an advertisement thereof. 3rd District. UniCredit Bank London. ul. UniCredit Bank Vienna. Bank Pekao. UniCredit Bank AG and its branches are regulated by BaFin under German laws. Sveta Nedelya Sq. UniCredit Slovakia. Austria Regulatory authority: Finanzmarktaufsichtsbehörde (FMA). Lurgiallee 12. 1090 Vienna. and ATF Bank have established the organizational arrangements required from a legal and supervisory aspect. duly authorized by the Bank of Italy to provide investment services. Plac Powstańców Warszawy 1.

however.S. These opinions may not suit your financial status. which may vary from jurisdiction to jurisdiction and which may require that a transaction be made in accordance with applicable exemptions from registration or licensing requirements. Any U. recipients in reliance on Rule 15a-6 ("Rule 15a-6") under the U. UniCredit Capital Markets may have issued other reports that are inconsistent with. Zagrebačka banka. as amended. the information presented in this report. Past performance should not be taken as an indication or guarantee of future performance. as defined by the Law. should contact a registered representative of UniCredit Capital Markets. assumes no liability for its completeness and accuracy. risk tolerance and financial position. federal securities laws that are subject to risks and uncertainties. The information contained herein may include forward-looking statements within the meaning of U. These publications reflect the different assumptions. UniCredit Slovakia. and (e) act as paid consultant or advisor to any issuer. Securities Exchange Act of 1934. 16190 approved by CONSOB on October 29.The publisher and distributor of the recommendation certifies that it has acted with due care and diligence in preparing the recommendation. delivered or advertised in the Russian Federation. UniCredit Bank Vienna. in whole or part. views and analytical methods of the analysts who prepared them. without regard to the date on which you may receive such information. and are not being offered.S. UniCredit Bank Czechia. For this reason. reporting and/or other requirements. UniCredit Bank Vienna. institutional investor" (as such term is defined in Rule 15a-6) and that it understands the risks involved in executing transactions in such securities. Notice to UK investors This communication is directed only at clients of UniCredit Bank. broker-dealer or bank acting in a broker-dealer capacity) must be effected with or through UniCredit Capital Markets. (b) act as investment and/or commercial bankers for issuers of such securities.S.25 October 2013 Economics & FI/FX Research EEMEA Eco Daily Notice to Austrian investors This document does not constitute or form part of any offer for sale or subscription of or solicitation of any offer to buy or subscribe for any securities and neither this document nor any part of it shall form the basis of. that it is such a "major U. or ATF Bank who (i) have professional experience in matters relating to investments or (ii) are persons falling within Article 49(2)(a) to (d) (“high net worth companies. This communication must not be acted on or relied on by persons who are not relevant persons. ATF Bank in the Czech Republic and may not be used or relied upon by any other person for any purpose. UniCredit Bank Czechia. UniCredit Bank London. or engage in any transaction to purchase or sell or solicit or offer the purchase or sale of such securities. changes in international and domestic financial markets and in the competitive environment. as amended (the "Law").S. is provided in relation to future performance. Notice to Czech investors This report is intended for clients of UniCredit Bank. The investment opportunities discussed in this report may be unsuitable for certain investors depending on their specific investment objectives. LLC. UniCredit Research page 5 . issuers. Notice to Polish investors This document is intended solely for professional clients as defined in Art. as amended. and such issuers may not be subject to the same auditing and reporting standards as U. UniCredit Bank London. Notice to Japanese investors This document does not constitute or form part of any offer for sale or subscription for or solicitation of any offer to buy or subscribe for any securities and neither this document nor any part of it shall form the basis of.S. UniCredit Bank Milan. UniCredit Bank Milan. UniCredit Bulbank. unincorporated associations. persons (other than a registered U. This analysis is intended for qualified investors. comments and recommendations stated herein are not within the scope of investment advisory activities. any contract or commitment whatsoever. rules or regulations. not all of the financial instruments referred to in this analysis have been registered under the federal law of the Russian Federation "On the Securities Market" dated 22 April 1996. Any investment or investment activity to which this communication relates is available only to relevant persons and will be engaged in only with relevant persons. non-deposit banks and the clients. transactions may be executed only in accordance with applicable law and legislation. with respect to any securities discussed herein: (a) take a long or short position and buy or sell such securities. paragraph 1(e) of Regulation n. Available information regarding the issuers of such securities may be limited. Securities Act of 1933. Notice to Turkish investors Investment information.S.”) of the United Kingdom Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 or (iii) to whom it may otherwise lawfully be communicated (all such persons together being referred to as “relevant persons”). UniCredit Russia. sold. recipient of this report that wishes to discuss or receive additional information regarding any security or issuer mentioned herein. This document is confidential and is being supplied to you solely for your information and may not be reproduced.unicreditgroup. who is not a qualified investor. and are subject to change without notice.S. or under any other U. Notice to Italian investors This document is not for distribution to retail clients as defined in article 26. The securities referred to in this report may not be registered under the U. institutional investors" and may not be used or relied upon by any other person for any purpose. and no representation or warranty. (d) serve on the board of any issuer of such securities. and shall not be distributed or disseminated to a general public and to any person. UniCredit Tiriac. All forward-looking statements contained in this report are qualified in their entirety by this cautionary statement This document may not be distributed in Canada. UniCredit Tiriac. express or implied. redistributed or passed on to any other person or published. as amended. but UniCredit Capital Markets does not make any representation with respect to its completeness or accuracy. 2007. any contract or commitment whatsoever. Notice to Russian investors As far as we are aware.S. investors This report is being furnished to U.S. In jurisdictions where UniCredit Capital Markets is not registered or licensed to trade in securities.S. federal or state securities laws. changes in general economic conditions that adversely affect the level of demand for the company’s products or services. Factors that could cause a company’s actual results and financial condition to differ from expectations include.eu. Comments and recommendations stated herein rely on the individual opinions of the ones providing these comments and recommendations. or be relied on in connection with or act as an inducement to enter into. Bank Pekao. portfolio management companies. UniCredit Bulbank. Such information is provided for informational purposes only and does not constitute a solicitation to buy or an offer to sell any securities under the Securities Act of 1933.S. Investment advisory services are provided in accordance with a contract of engagement on investment advisory services concluded with brokerage houses. or be relied on in connection with or act as an inducement to enter into. 3 39b of the Trading in Financial Instruments Act of 29 July 2005. Notice to U. and other factors relating to the foregoing.S. without limitation: political uncertainty.S. and the issuer of such securities may not be subject to U. Each U. changes in foreign exchange markets. recipient of this report represents and agrees. Zagrebačka banka. UniCredit Capital Markets and any company affiliated with it may. UniCredit Russia. In the case of a short note.S. by virtue of its acceptance thereof. Bank Pekao. (c) act as market makers for such securities. UniCredit Slovakia. The information in this publication is based on carefully selected sources believed to be reliable. we invite the investors to read the related company report that can be found on UniCredit Research website www. to make an investment decision by relying solely on the information stated here may not result in consequences that meet your expectations. commodities or other financial products. All opinions expressed herein reflect the author’s judgment at the original time of publication. etc.research. and reach different conclusions from. Any transaction by U. The information contained in this report is intended solely for certain "major U. for any purpose. risk and return preferences.

FI Strategy +39 02 8862-0640 luca. +49 89 378-18927 Bloomberg UCCR Internet www.eu Elia Lattuga. Global Head.dolenec@unicreditgroup. Economist. Romania +40 21 200-1377 anca.ru Dan Bucşa. Chief Economist. FI Strategy +44 207 826-1771 chiara.de Roberto Mialich. Ingo Heimig Head of Research Operations +49 89 378-13952 ingo.ro Kristofor Pavlov.bogdyukevich@unicredit. Chief Eurozone Economist +39 02 8862-8688 marco. FI Strategy +39 02 8862-2027 elia. UniCredit Bank Czech Republic (UniCredit Bank Czechia).eu Economics & Commodity Research European Economics Marco Valli.veselov@unicredit.heimig@unicredit.stocker@unicredit.unicreditgroup.silvestre@unicredit. Economist +44 207 826-7805 daniel. Economist chiara.sk Catalina Molnar. FI Strategy +49 89 378-15121 michael.research.purps@unicredit. Head. Chief Economist.baptista@unicredit.hr Ľubomír Koršňák. Global Chief Economist +44 207 826 1765 erik.ortiz@unicredit. Economist +49 89 378-15368 kathrin. Chief Economist.mialich@unicredit. FI Strategy +49 89 378-12753 kornelius.bucsa@unicredit. Chief Austrian Economist +43 50505-41951 stefan.edgeworth@unicredit.de EEMEA Economics & FI/FX Strategy Gillian Edgeworth. CFA. Economist +49 89 378-12560 nikolaus.mrowiec@pekao. Chief Economist.cremonesi@unicredit.gkionakis@unicredit.eu US Economics Dr.pavlov@unicreditgroup.molnar@unicredit. UniCredit Bank Slovakia a.de Dr. Head. Bulgaria +359 2 9269-390 kristofor.de Economics & FI/FX Research Erik F. UniCredit Research page 6 .de Global FX Strategy Dr.korsnak@unicreditgroup. Luca Cazzulani. Chief EEMEA Economist +44 207 826-1772 gillian.ro Marcin Mrowiec. 11-7562 anna.corsa@unicredit. Romania +40 21 200-1376 catalina.de Commodity Research Kathrin Goretzki.eu Kornelius Purps.valli@unicredit.d. Economist +39 02 8862-2079 tullia.patrulescu@unicredit.rottmann1@unicredit.eu Dr.cz Dmitry Veselov.arkhipov@unicredit. UniCredit Tiriac Bank (UniCredit Tiriac). Ph. Slovakia +421 2 4950 2427 lubomir.D.cazzulani@unicredit.eu Dr. Economist. Economist +39 02 8862-3180 loredanamaria. Economist +49 89 378-18709 jochen. Economist +44 207 826-7954 dan. Romania +40 21 200-1378 mihai.de Herbert Stocker. Croatia +385 1 6006 678 hrvoje.s. Economist +39 02 8862-2209 chiara. UniCredit Bank AG Vienna Branch (UniCredit Bank Vienna).at Tullia Bucco.pl Carlos Ortiz. Ph.keis@unicredit... UniCredit Bank AG Milan Branch (UniCredit Bank Milan).eu Dr.ro Anna Bogdyukevich. Bank Pekao.. FX Strategy +39 02 8862-0658 roberto. Chief US Economist +1 212 672-5957 harm. Macroeconomic Analysis and Research. Czech Republic +420 955 960-716 pavel.eu China Economics Nikolaus Keis. Andreas Rees. Nielsen.eu Armin Mekelburg. FX Strategy +44 207 826-7951 vasileios.sobisek@unicreditgroup. EEMEA +44 207 826-1228 carlos. FX Strategy +49 89 378-14307 armin. (UniCredit Slovakia).aron@unicredit.D. Zagrebačka banka d.nielsen@unicredit. Russia +7 495 258-7258 ext.eu Artem Arkhipov.eu Chiara Cremonesi.eu Chiara Silvestre.eu Mihai Patrulescu.federico@unicredit. EEMEA +44 207 826-1808 dmitry.bucco@unicredit.vernazza@unicredit.zaba. Senior Economist. Chief Economist.eu Hrvoje Dolenec.bg Pavel Sobisek. Technical Analysis +49 89 378-14305 herbert.hitzfeld@unicredit.eu Publication Address UniCredit Research Corporate & Investment Banking UniCredit Bank AG Arabellastrasse 12 D-81925 Munich Tel.goretzki@unicredit.rees@unicredit. Chief German Economist +49 69 2717-2074 andreas. Vasileios Gkionakis.eu Chiara Corsa.eu Daniel Vernazza.de Stefan Bruckbauer. Russia +7 495 258-7258 artem. Deputy Head.25 October 2013 Economics & FI/FX Research EEMEA Eco Daily UniCredit Research* Michael Baptista Global Head of CIB Research +44 207 826-1328 michael. Loredana Federico. Harm Bandholz.lattuga@unicredit.com. UniCredit Bulbank. UniCredit Bank AG London Branch (UniCredit Bank London).bruckbauer@unicreditgroup. Chief Economist.eu *UniCredit Research is the joint research department of UniCredit Bank AG (UniCredit Bank).bandholz@unicredit.ru Anca Maria Aron. ZAO UniCredit Bank Russia (UniCredit Russia).mekelburg@unicredit.eu Global FI Strategy Michael Rottmann.de Jochen Hitzfeld. CFA. Poland +48 22 656-0678 marcin. Economist.

Sign up to vote on this title
UsefulNot useful